So the Lat Long for Spherical Mercator is showing incorrectly.
The crosshairs are correct but he Lat: Lon: at the bottom are incorrect.
Ok, the problem is that the Spherical Mercator shipped with MapGuide has the incorrect PROJ4 file. I recreated it and made my own BAND-AID with this:
+proj=merc +a=6378137 +b=6378137 +lat_ts=0.0 +lon_0=0.0 +x_0=0.0 +y_0=0 +k=1.0 +units=m +nadgrids=@null +no_defs